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Kroger swings to $1.5bn quarterly loss as costs jump
(Sharecast News) - American big-box retailer Kroger swung to a loss of more than $1.5bn in its third quarter as rising costs offset an increase in sales, causing shares to drop sharply on Thursday. The company reported a loss of $1.54bn over the three months to 8 November, equal to $2.02 a share, compared with a $618m or 85 cents-a-share profit the year before.
Operating, general and administrative expenses totalled $8.47bn for the quarter, up from $5.90bn the year before, mainly due to the sale of Kroger Specialty Pharmacy and investments in associate wages and benefits, the company said.
Meanwhile, the firm decided to make an accelerated contribution to multi-employer pension plans in the third quarter, which drove up expenses.
On the top line, total sales were $33.9bn for the quarter, up from $33.6bn the year before, despite the prior-year conclusion of $387m from Kroger Specialty Pharmacy sales.
Excluding fuel and Kroger Specialty Pharmacy, sales were up 2.6% over last year.
"Kroger delivered another quarter of strong results reflecting meaningful progress on our strategic priorities," said chair and chief executive Ron Sargent.
"Our eCommerce business posted another quarter of impressive performance. We have now completed our strategic review which we expect will make our eCommerce business profitable in 2026."
The stock was down 5.3% at $62.70 by 1615 GMT.
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